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1 Family- 3 b/rooms, LR/DN, 2 baths, attic, finished basement. no driveway. semi-detached. about 2000 square feet.
Listing Price: $325,000
I did a quick title search on the house and see the current owner has 1 mortgage on the property for $154,000. No other encumbrances.
It's been on the market for 90 days.
In today's market, what should I offer?
Are you looking for local info, from someone who knows your market & what a house such as that is selling for? That's what you SHOULD be looking for, and as I am in NJ, I can't give it. Be wary of anyone who comes here & throws a number out for you. If they aren't local to your market, if they haven't seen the house & researched the comps, their number is useless to you. Thoughts as to the process & the logic behind putting together an offer might be helpful, however.
Are you working with a real estate agent? Has that agent shown you comparable homes? Either ask your real estate agent for this info, or, if you aren't using an agent, find some way to get that info. You want to see the most recently CLOSED transactions, as well as those that are now under contract but have not closed. (A real estate agent who is plugged into the market may be able to make some phone calls & get a good read on the prices at which some of those properties are contracted.) Other properties currently for sale are also helpful, from a perspective of "What else is out there at the same price point", but not overly helpful in determining the proper sale price.
At the end of the day, offer what YOU believe is the right price. What they paid for it is sort of irellevent, as is the amount they currently owe. (You certainly would offer to give them MORE if they paid more for it than they are asking, so why expect them to take LESS because they paid down their mortgage?) Do you like the house? Do you want to live in it? What's it worth to you to do that? If in doubt, start a little low, as it is a buyers market & you should use that in your favor to the extent you can.
If in doubt, start a little low, as it is a buyers market & you should use that in your favor to the extent you can.
good points.
Yes, i'm looking for someone familiar with that market (Woodhaven, NY) to shed some light. This would be for my personal residence but i'm not in love with the house or anything. Its a nice house.
I do not have a buyers broker and I am currently trying to access some comps.
I see similar listings in the area between $339-450K+. Several more at 325K.
The numbers seem to vary wildly within a 15 block radius.
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I see similar listings in the area between $339-450K+. Several more at 325K.
The numbers seem to vary wildly within a 15 block radius.
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Is the house listed by a real estate agent? They don't work for you, and they are trying to get the best price for the seller, but if you ask for specific info, they may (should, actually) be willing to provide it to you. As for Closed, Under COntract, and Available listings in the area. All of them, not just the ones the agent feels are the best comps. That way, you can sort through them, throw out the useless ones, and use the true comps as a basis for a number. Remember that they are obligated to work in the best interests of the seller, but have to be honest with you. So if you ask for the comps, they will show you the ones that best support their position. Nothing wrong with that, as it's what they are paid to do. So make sure you ask for ALL the data.
BK2, if you get a local realtor to represent you, s/he can get these comps for you and help you formulate a negotiation strategy. It will not cost you anything.
As Bill said, the listing agent is working for the seller, and cannot help you in any manner.
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